Binance (CRYPTO: BNB) Co-CEO Richard Teng noted on Tuesday that institutional demand for Bitcoin (CRYPTO: BTC) was improving despite a “challenging” macroeconomic scenario.
Bitcoin in Bull Market?
Spot Bitcoin exchange-traded funds recorded over $3 billion in net inflows from Sept. 17 through Sept. 29, marking nine consecutive positive U.S. trading sessions.
In fact, the week ending Sept. 25 marked the strongest weekly showing since last October, attracting $2.4 billion in net inflows. Year-to-date inflows are now up by over $1 billion.
BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT), the world’s largest cryptocurrency-focused fund, alone pulled in more than $1 billion in inflows last week, according to data from SoSo Value.
Moreover, Bitcoin is up 43% in the third quarter. It’s on track for its best quarterly performance since late 2024 and its strongest third quarter in nearly a decade.
‘Signs of Improvement’
Binance (CRYPTO: BNB) Co-CEO Richard Teng said investor demand is “showing signs of improvement” despite a “challenging” macroeconomic backdrop from elevated U.S. Treasury yields.
The returns on long-dated 10-year Treasury notes climbed to 5.29% on Tuesday, its highest level since 2007, while the 30-year yield rose above 5.6%, reaching its highest level since June 2002.
How Long Before BTC Reclaims $90,000?
Bitcoin began its rally in late August, reclaiming the $80,000 level for the first time since mid-May. This rebound followed the Treasury doubling its debt buybacks to shore up the bond market, sending yields and the dollar lower.
The ascent accelerated, and Bitcoin topped $87,000 earlier this month, its highest since late January.
Veteran trader Peter Brandt said Bitcoin could trade between $200,000 and $250,000 by early 2029, potentially rising to $600,000 by late 2029. Financial advisor Ric Edelman reiterated that the asset will hit $500,000 by 2030.
Price Action: As of this writing, BTC is up 2.67% in the last 24 hours to $82,989.25, according to Benzinga Pro.
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